401(k) Specialists

What’s the Magic Number When it Comes to Record Retention?

What’s the Magic Number When it Comes to Record Retention?

You don’t need to be a magician to know what records to keep and for how long. While most providers can supply reports and plan documents, the plan administrator remains ultimately responsible for retaining adequate records that support the plan document reports and filings.

Financial Wellness Needs a Long and Short Game to Work for Both Participants and Organizations

Financial Wellness Needs a Long and Short Game to Work for Both Participants and Organizations

In the retirement plan industry, all too often we tend to conflate financial wellness with retirement readiness — whether this means confidence in obtaining retirement goals or being on track to reach post-employment financial targets. However, this limited view may fail to paint a complete picture for many participants.

When Does a Participant Loan Become a Deemed Distribution?

When Does a Participant Loan Become a Deemed Distribution?

A recent IRS Issue Snapshot (link below) affirms a participant loan is a legally enforceable agreement and terms of the loan agreement must comply with Internal Revenue Code (IRC Section 72(p)(2) and Treasury Regulation Section 1.72(p)-1).

When It Comes to Planning for Retirement, Participants Want to Hit the Easy Button

When It Comes to Planning for Retirement, Participants Want to Hit the Easy Button

Nearly three-fourths of participants under 30 think employers should provide access to financial professionals and coaching to help them. Even more telling, 62% wish they could push an “easy button” and completely turn over retirement planning to someone else. This figure is up from 55% in 2016.

Should Fiduciaries Outsource Retirement Plan Investment Responsibility?

Should Fiduciaries Outsource Retirement Plan Investment Responsibility?

Fiduciaries are personally responsible for participant losses resulting from a fiduciary breach. Plan sponsor fiduciaries who handle plan investments themselves, or use advisors who do not assume fiduciary status, face potential exposure for both investment performance and all plan fees.